👀 WEEKLY SUMMARY 21.10-25.10 / FORECAST
📉 S&P500 - 12th week of the basic cycle (20 weeks on average). As I promised last week (https://t.me/jointradeview/247), the extreme forecast from October 14 did indeed push the market downward. As expected, the signal on October 23 turned the market back up, but not very convincingly. This is not surprising, given the weak signal. It may not hold. Friday's close was very weak. The NASDAQ touched the Algol level (https://t.me/jointradeview/161) from mid-July. There is a possibility of a double top formation in the NASDAQ. This intermarket divergence is a major negative for the markets. The next "scheduled (https://t.me/jointradeview/20)" extreme forecast is on November 4.
🏆 GOLD - 3rd week of the new basic cycle (15-20+ weeks). We are holding the position opened at the extreme forecast on October 14. The beginning of a new cycle is always bullish. The next "scheduled (https://t.me/jointradeview/15)" extreme forecast is on October 28-29, which may trigger a correction. Considering the start of the new cycle, it is not certain that the correction will be significant. The stop is adjusted accordingly.
🛢 CRUDE - 21st week of the basic cycle (28 weeks), 2nd phase. Crude is preparing for a second attempt to enter the triangle. Despite the bullish close on Friday, the basic cycle remains bearish. The next extreme forecast is on November 15 (not mentioned earlier this year). This setup may lead to a supply constraint for crude. It will be the 24th week of the basic cycle, timing for a reversal and the start of a new cycle (the previous cycle lasted 25 weeks).
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